City skyline in China

China Trade Balance May 2022

China: Merchandise exports rise at a faster pace in May; imports return to growth

Merchandise exports shot up 16.9% year-on-year in May, beating market expectations and on the heels of April’s 3.9% increase. Meanwhile, merchandise imports rose 4.1% in annual terms in May (April: 0.0% yoy). The stronger trade figures were linked to the easing impact of pandemic restrictions on factory activity and supply chains, particularly in Shanghai, the country’s largest port.

As a result, the merchandise trade balance improved from the previous month, recording a USD 78.8 billion surplus in May (April 2022: USD 51.1 billion surplus; May 2021: USD 43.2 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 775.7 billion surplus in May, compared to the USD 740.2 billion surplus in April.

In the near term, exports should get a boost from the further unwinding of Covid-19 restrictions, while the value of imports should be buoyed by higher prices.

Giving their view on the trade outlook, analysts at the EIU said:

“The May data, along with strong regional export figures, continue to suggest a degree of global demand resilience that we expect to persist over July-September. From the fourth quarter, however, we expect higher inflationary pressure, elevated interest rates and slowing economic growth in China’s main trading partners to weigh on export performance.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest